NOTES PAYABLE AND OTHER BORROWINGS (Tables)

12 Months Ended

May 31, 2026

Debt Disclosure [Abstract]

Notes Payable and Other Borrowings

Notes payable and other borrowings consisted of the following:

		May 31,
		2026			2025
(Amounts in millions)	Date of Issuance	Amount		Effective Interest Rate	Amount		Effective Interest Rate
Fixed-rate senior notes:
€750, 3.125%, due July 2025(1)	July 2013	$	—	N.A	$	841	3.17%
$1,000, 5.80%, due November 2025	November 2022		—	N.A		1,000	5.93%
$2,750, 1.65%, due March 2026	March 2021		—	N.A		2,750	1.67%
$3,000, 2.65%, due July 2026	July 2016		3,000	2.73%		3,000	2.73%
$2,250, 2.80%, due April 2027	April 2020		2,250	2.87%		2,250	2.87%
$2,750, 3.25%, due November 2027	November 2017		2,750	3.29%		2,750	3.29%
$2,000, 2.30%, due March 2028	March 2021		2,000	2.36%		2,000	2.36%
$750, 4.50%, due May 2028	February 2023		750	4.60%		750	4.60%
$1,500, 4.80%, due August 2028	February 2025		1,500	4.94%		1,500	4.94%
$3,000, 4.55%, due February 2029(3)	February 2026		3,000	4.74%		—	N.A
$1,500, 4.20%, due September 2029	September 2024		1,500	4.27%		1,500	4.27%
$1,250, 6.15%, due November 2029	November 2022		1,250	6.21%		1,250	6.21%
$3,250, 2.95%, due April 2030	April 2020		3,250	3.00%		3,250	3.00%
$750, 4.65%, due May 2030	February 2023		750	4.75%		750	4.75%
$500, 3.25%, due May 2030	May 2015		500	3.35%		500	3.35%
$3,000, 4.45%, due September 2030(3)	September 2025		3,000	4.55%		—	N.A
$3,500, 4.95%, due February 2031(3)	February 2026		3,500	5.08%		—	N.A
$3,250, 2.875%, due March 2031	March 2021		3,250	2.92%		3,250	2.92%
$1,250, 5.25%, due February 2032	February 2025		1,250	5.36%		1,250	5.36%
$3,000, 4.80%, due September 2032(3)	September 2025		3,000	4.87%		—	N.A
$2,250, 6.25%, due November 2032	November 2022		2,250	6.32%		2,250	6.32%
$1,500, 4.90%, due February 2033	February 2023		1,500	4.95%		1,500	4.95%
$3,000, 5.35%, due May 2033(3)	February 2026		3,000	5.42%		—	N.A
$1,750, 4.30%, due July 2034	July 2014		1,750	4.30%		1,750	4.30%
$1,750, 4.70%, due September 2034	September 2024		1,750	4.77%		1,750	4.77%
$1,250, 3.90%, due May 2035	May 2015		1,250	4.00%		1,250	4.00%
$1,750, 5.50%, due August 2035	February 2025		1,750	5.55%		1,750	5.55%
$4,000, 5.20%, due September 2035(3)	September 2025		4,000	5.25%		—	N.A
$5,000, 5.70%, due February 2036(3)	February 2026		5,000	5.78%		—	N.A
$1,250, 3.85%, due July 2036	July 2016		1,250	3.89%		1,250	3.89%
$1,750, 3.80%, due November 2037	November 2017		1,750	3.86%		1,750	3.86%
$1,250, 6.50%, due April 2038	April 2008		1,250	6.51%		1,250	6.51%
$1,250, 6.125%, due July 2039	July 2009		1,250	6.17%		1,250	6.17%
$3,000, 3.60%, due April 2040	April 2020		3,000	3.64%		3,000	3.64%
$2,250, 5.375%, due July 2040	July 2010		2,250	5.45%		2,250	5.45%
$2,250, 3.65%, due March 2041	March 2021		2,250	3.72%		2,250	3.72%
$1,000, 4.50%, due July 2044	July 2014		1,000	4.50%		1,000	4.50%
$2,000, 4.125%, due May 2045	May 2015		2,000	4.20%		2,000	4.20%
$2,500, 5.875%, due September 2045(3)	September 2025		2,500	5.91%		—	N.A
$2,250, 6.55%, due February 2046(3)	February 2026		2,250	6.59%		—	N.A
$3,000, 4.00%, due July 2046	July 2016		3,000	4.03%		3,000	4.03%
$2,250, 4.00%, due November 2047	November 2017		2,250	4.05%		2,250	4.05%
$4,500, 3.60%, due April 2050	April 2020		4,500	3.64%		4,500	3.64%
$3,250, 3.95%, due March 2051	March 2021		3,250	3.98%		3,250	3.98%
$2,500, 6.90%, due November 2052	November 2022		2,500	6.94%		2,500	6.94%
$2,250, 5.55%, due February 2053	February 2023		2,250	5.62%		2,250	5.62%
$1,750, 5.375%, due September 2054	September 2024		1,750	5.43%		1,750	5.43%
$1,250, 4.375%, due May 2055	May 2015		1,250	4.44%		1,250	4.44%
$1,750, 6.00%, due August 2055	February 2025		1,750	6.04%		1,750	6.04%
$3,500, 5.95%, due September 2055(3)	September 2025		3,500	6.05%		—	N.A
$5,000, 6.70%, due February 2056(3)	February 2026		5,000	6.74%		—	N.A
$3,500, 3.85%, due April 2060	April 2020		3,500	3.89%		3,500	3.89%
$1,500, 4.10%, due March 2061	March 2021		1,500	4.13%		1,500	4.13%

		May 31,
		2026				2025
(Amounts in millions)	Date of Issuance	Amount			Effective Interest Rate	Amount			Effective Interest Rate
$1,250, 5.50%, due September 2064	September 2024		1,250		5.55%		1,250		5.55%
$1,000, 6.125%, due August 2065	February 2025		1,000		6.17%		1,000		6.17%
$2,000, 6.10%, due September 2065(3)	September 2025		2,000		6.17%		—		N.A
$2,750, 6.85%, due February 2066(3)	February 2026		2,750		6.89%		—		N.A
Floating-rate senior notes:
$500, Compounded SOFR plus 0.76%, due August 2028	February 2025		500		4.43%		500		5.28%
$500, Compounded SOFR plus 1.11%, due February 2029(3)	February 2026		500		4.78%		—		N.A
Term loan credit agreements:
$5,630, SOFR plus 1.35%, due August 2027(2)	June 2024		5,137		5.29%		5,419		6.10%
Commercial paper notes			1,468		4.35%		2,294		4.88%
Other borrowings due August 2025	November 2016		—		N.A		113		3.53%
Total senior notes and other borrowings		$	130,105			$	92,917
Unamortized discount/issuance costs			(564	)			(348	)
Hedge accounting fair value adjustments(1)			—				(1	)
Total notes payable and other borrowings		$	129,541			$	92,568
Notes payable and other borrowings, current		$	7,199			$	7,271
Notes payable and other borrowings, non-current		$	122,342			$	85,297

(1)In fiscal 2018 we entered into certain cross-currency interest rate swap agreements that have the economic effect of converting our fixed-rate, Euro-denominated debt, including annual interest payments and the payment of principal at maturity, to a variable-rate, U.S. Dollar-denominated debt of $871 million based on LIBOR. The effective interest rates as of May 31, 2025 after consideration of the cross-currency interest rate swap agreements were 7.77% for the July 2025 Notes. Refer to Note 1 for a description of our accounting for fair value hedges. The July 2025 Notes were repaid in full upon maturity in July 2025.

(2)In fiscal 2023, we entered into certain interest rate swap agreements that have the economic effect of converting our $4.7 billion of floating-rate borrowings pursuant to the Term Loan Credit Agreement (defined below) until its repayment and subsequently, borrowings under the Term Loan Credit Agreement 2 (defined below) for the same amount to fixed-rate borrowings with a fixed annual interest rate of 3.07%, plus a margin depending on the credit rating assigned to our long-term senior unsecured debt, as further discussed below. The effective interest rates after consideration of the interest rate swap agreements were 4.74% for each of fiscal 2026 and 2025, for borrowings under the Term Loan Credit Agreement 2 (defined below). Refer to Note 1 for a description of our accounting for cash flow hedges.

(3)In fiscal 2026, we issued $43.0 billion of senior notes for general corporate purposes, which may include capital expenditures, repayment of indebtedness, future investments or acquisitions and payment of cash dividends on or repurchases of our common stock.

Future Principal Payments for all Borrowings

Future principal payments for all of our borrowings at May 31, 2026 were as follows (in millions):

Fiscal 2027	$	7,210
Fiscal 2028		10,145
Fiscal 2029		5,500
Fiscal 2030		7,250
Fiscal 2031		9,750
Thereafter		90,250
Total	$	130,105